H1151: Financing Improvements to Real Property

Legislative Summary

Authorizes residential or commercial property owner to apply to local government for funding to finance improvement & to enter into financing agreement with local government; provides that non-ad valorem assessment on certain commercial property is subject to certain fee; specifies requirements of financing agreement for government commercial property; specifies determinations local government must make before entering into such financing agreement; authorizes financing agreement to be executed for commercial property; restricts what improvements may be covered in certain agreements between local governments & commercial property owners; specifies requirements for local government before entering into financing agreement.